JPMorgan Chase & Co., Credit Suisse First Boston, Citigroup Inc. and Deutsche
Bank AG Take the Lead
Financing Commitment - A Major Sign of Confidence for Adelphia
GREENWOOD VILLAGE, Colo., Feb. 25 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation ("Adelphia") (OTC: ADELQ) has received commitments
from four of the world's largest financial institutions for an $8.8 billion
fully-committed exit financing package that will be used to finance the cash
payments to be made under the cable television company's proposed Chapter 11
Plan of Reorganization and includes a $750 million revolving credit facility
following its emergence from bankruptcy.
JPMorgan Chase & Co., Credit Suisse First Boston, Citigroup Inc. and
Deutsche Bank AG will lead the financing package, with each providing an equal
share of the commitment. This financing package includes $5.5 billion of
senior secured credit facilities and a $3.3 billion bridge facility. The
financing package is subject to bankruptcy court approval and certain other
conditions.
"We are pleased to have such an impressive lineup of the world's leading
financial institutions supporting our emergence," said Vanessa Wittman,
executive vice president and chief financial officer. "The company's ability
to attract this kind of support is a clear indicator of the tremendous
progress our business has made under Chapter 11 protection in the areas of
operations, financial performance and corporate governance. This commitment
clearly supports our ability to emerge with a strong balance sheet and to use
our great assets to operate as an independent company."
About Adelphia
Adelphia Communications Corporation is the fifth-largest cable television
company in the country. It serves subscribers in 30 states and Puerto Rico,
and offers analog and digital cable services, high-speed Internet access and
other advanced services over Adelphia's broadband networks.
Cautionary Statement Regarding Forward-Looking Information
This document includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements regarding
Adelphia Communications Corporation's and its subsidiaries' and affiliates'
(collectively, the "Company") expected future financial position, results of
operations, cash flows, restructuring and financing plans, expected emergence
from bankruptcy, business strategy, budgets, projected costs, capital
expenditures, network upgrades, products and services, competitive positions,
growth opportunities, plans and objectives of management for future
operations, as well as statements that include words such as "anticipate,"
"if," "believe," "plan," "estimate," "expect," "intend," "may," "could,"
"should," "will," and other similar expressions are forward-looking
statements. Such forward-looking statements are inherently uncertain, and
readers must recognize that actual results may differ materially from the
Company's expectations. The Company does not undertake a duty to update such
forward-looking statements. Factors that may cause actual results to differ
materially from those in the forward-looking statements include the Company's
pending bankruptcy proceeding, results of litigation against the Company and
government investigations of the Company, the effects of government regulation
including the actions of local cable franchising authorities, the availability
of financing, actions of the Company's competitors, customer response to
repackaged services, pricing and availability of programming, equipment,
supplies, and other inputs, the Company's ability to upgrade its network,
technological developments, and changes in general economic conditions. Many
of these factors are outside of the Company's control.
SOURCE Adelphia Communications Corporation
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Related links:
http://www.adelphiacom.com
CONTACT:
media, Paul Jacobson, +1-303-268-6426, or
Erica Stull, +1-303-268-6502, or investor relations, Jim Buckley,
+1-303-268-6424, all of Adelphia Communications Corporation
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